Is your bank at risk of failure? Forbes

[thx1138]

http://www.forbes.com/wallstreet/2007/11/13/banks-fdic-credit-biz-wall_cx_lm_1114banks.html

[hippifried]

No. I do all my banking through a credit union, & they aren't part of the federal reserve. They also were never part of this sub-prime scam.

Personally, I think this whole thing is being blown all out of proportion. The country survived the last sub-prime scam in the '70s, with al the forclosures from people who couldn't make the baloon payments. We got through double digit interest rates in the late '70s & early '80s. We survived the total collapse of the savings & loan industry in the late '80s & early '90s. This too shall pass. There probably won't be any lessons learned though.

[thx1138]

yes, the system as a whole survived but there many investors (and savers) that took a bath.

[thx1138]

I think the best defense is not have more than $10 or 20K in any one financial institution.

[hippifried]

prior to the savings & loan collapse, the FDIC covered deposits up to $100,000. I believe that's been doubled. The problem with the S&Ls was that a big chunk of them were uninsured. The scam was that they claimed to be self-insured so that people would continue to deposit money into the black hole. Self-insured is doublespeak for not insured.